(Alliance News) - Sound Energy PLC on Tuesday laid out plans to restructure its Luxembourg-listed EUR28.8 million 5.0% senior secured notes due 2021.
A meeting for the holders of the notes to vote on the proposals has been scheduled for Wednesday, April 14.
Shares in the African and European upstream gas company were 7.2% higher in London on Tuesday at 1.80 pence each.
Sound Energy is looking to amend the maturity date of the notes from June 2021 to December 2027, and partially amortize the outstanding principal amount of the notes, at a rate of 5% every six months, starting from December 2023.
On top of that, Sound Energy is looking to convert EUR3.5 million of notes into a total of 141.2 million new shares at a conversion price of 2.125 pence per share.
Finally, the company wants to amend the interest rate payment structure from 5% per annum to 2% cash paid per annum plus 3% deferred interest per annum to be paid at redemption from June 2021.
By Paul McGowan; paulmcgowan@alliancenews.com
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Sound Energy (SOU)